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SKF SKF has announced that the company has signed a contract with General Bearing Corporation (GBC), which will acquire the company for US$125 million. General Bearing Co., Ltd. will continue to operate independently as a subsidiary of the SKF Group. In addition to the acquisition of the General and Hyatt brands, SKF's brands also include PEER, which was acquired in 2008. 
Universal Bearing Co., Ltd. was established in 1955 and its headquarters is located in West Nyack, New York, USA. It has 4 factories in China: 1 ball bearing factory, 2 tapered roller bearing factories and 1 precision roller. factory. During 2011, GBC’s expected sales were approximately US$155 million and its operating profit margin was comparable to that of SKF.
Mr. Tom Johnson, president and CEO of SKF, stated: "GM Bearings has used its factory in China to serve the automotive market and heavy load market in the United States. The business development has been very successful. The main brands are General and Hyatt. The bearing company fully complies with SKF's development strategy."
About SKF:
SKF's full name is "Svenska Kullager-Fabriken" with the Chinese transliteration name "SKF"; SKF Group is headquartered in Gothenburg, Sweden and is a leader in bearing technology and manufacturing. Sven Wingquist invented double-row automatic ball bearings in 1905. Then in 1907, Svenska Kullargerfabriken Swedish Ball Bearings Manufacturing Co., Ltd. (SKF) was established. The number of production companies was 105; the number of employees was approximately 38,748; the number of companies was approximately 150. ; 2007 annual net sales of SEK 58.559 billion